REC wins SKOCH ESG Award 2024 in Renewable Energy Financing Category

REC Limited, a Maharatna Central Public Sector Enterprise under the Ministry of Power and a leading NBFC, has been bestowed with the SKOCH ESG Award 2024 in the 'Renewable Energy Financing' category. The award underscores REC's dedication to sustainable financing, paving the way for a greener future and accelerating the transition to renewable energy. Executive Director, REC Limited, Shri T.S.C. Bosh received the award in New Delhi.

REC has emerged as a significant player in India's clean energy transition, actively contributing to the nation's sustainable future. Through various initiatives and achievements, REC has committed to numerous sustainable projects and signed various MOUs for green projects. Furthermore, REC has engaged in one-on-one discussions with various developers of green projects, spanning sectors such as solar, wind, Pumped Storage Projects, E-mobility, RE manufacturing, green ammonia and green hydrogen, and battery storage.

Looking ahead, REC anticipates a significant expansion in its renewable energy portfolio, with projections indicating growth to 10 times its present value, reaching more than Rs. 3 lakh crores by 2030, representing approximately 30% of its Assets Under Management. The SKOCH ESG Awards recognize organizations that demonstrate outstanding performance in Environmental, Social, and Governance (ESG) practices. The SKOCH ESG Award and Assessment serve as an important benchmark for evaluating organizations' commitment to India 2047. It focuses on the interplay between sustainable investments and processes in shaping a sustainable and growing business future.

About REC

REC is a 'Maharatna' Central Public Sector Enterprise under the Ministry of Power, and is registered with RBI as Non-Banking Finance Company (NBFC), and Infrastructure Financing Company (IFC). REC finances the entire Power-Infrastructure sector comprising Generation, Transmission, Distribution, Renewable Energy and new technologies like Electric Vehicles, Battery Storage, Pumped Storage Projects, Green Hydrogen and Green Ammonia projects. Recently, REC has also diversified into the Non-Power Infrastructure sector comprising Roads & Expressways, Metro Rail, Airports, IT Communication, Social and Commercial Infrastructure (Educational Institution, Hospitals), Ports and Electro-Mechanical (E&M) works in respect of various other sectors like Steel and Refinery.

REC Ltd. provides loans of various maturities to State, Central and Private Companies for creation of infrastructure assets in the country. REC Ltd. continues to play a key strategic role in the flagship schemes of the Government for the power sector and has been a nodal agency for Pradhan Mantri Sahaj Bijli Har Ghar Yojana (SAUBHAGAYA), Deen Dayal Upadhaya Gram Jyoti Yojana (DDUGJY), National Electricity Fund (NEF) Scheme which resulted in strengthening of last-mile distribution system, 100% village electrification and household electrification in the country. REC has also been made the nodal agency for certain States and Union Territories for the Revamped Distribution Sector Scheme (RDSS). The loan book of REC stands at Rs 4.97 Lakh Crores and Net Worth at Rs. 64,787 crores as on 31st December, 2023.

India jumps 2 spots higher, and now ranks 8th as per Climate Change Performance Index

India has been ranked among the top 5 countries in the world, and the best among the G20 countries, based on its Climate Change performance. India jumps 2 spots higher, and is now ranked 8th as per Climate Change Performance Index (CCPI, 2023) published by German Watch, New Climate Institute, and Climate Action Network International based in Germany. The latest report of CCPI, released at COP 27 in November 2022, shows Denmark, Sweden, Chile, and Morocco as the only four small countries that were ranked above India as 4th, 5th, 6th, and 7th respectively. The first, second, and third ranks were not awarded to any country. In effect, therefore, India’s rank is the best among all large economies.

The CCPI aims to enhance transparency in international climate politics and enables comparison of climate protection efforts and progress made by individual countries. Published annually since 2005, the Climate Change Performance Index (CCPI) is an independent monitoring tool for tracking the climate protection performance of 59 countries and the EU. Every year, the CCPI sets off important public and political debates within the countries assessed. The climate protection performance of these 59 countries, which together account for 92% of global greenhouse gas (GHG) emissions, is assessed in four categories: GHG Emissions (40% of overall score),  Renewable Energy  (20% of overall score),  Energy Use  (20% of overall score) and  Climate Policy (20% of overall score).

India earned a high rating in the GHG Emissions  and Energy Use categories, while a medium for Climate Policy and Renewable Energy. The aggressive policies of India towards rapid deployment of renewables and robust framework for energy efficiency programs have shown considerable impact. As per the CCPI report, India is on track to meet its 2030 emissions targets (compatible with a well-below-2°C scenario).

The ranking given by CCPI places India as the only G-20 country in the top 10 ranks. It may be mentioned here that India will now be assuming G-20 Presidency and it will be an opportune time to show the World, its climate mitigation policies such as the deployment of renewable sources of energy and other energy transition programmes.

Shri R.K Singh inaugurates the 5th Assembly of the International Solar Alliance

The Fifth Assembly of the International Solar Alliance was inaugurated today by Shri Raj Kumar Singh, Minister of Power and New & Renewable Energy, India in his capacity as the President, the International Solar Alliance. The Republic of India holds the office of the President of the ISA Assembly, with the Government of France as Co-President. Ministers from 20 countries and delegates from across 110 Member and Signatory countries and 18 prospective countries joined the inaugural ceremony of the 5th ISA Assembly.

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